Profit taking pulls stocks down
Vietnamese shares retreated from a two-day gain as blue chips ran into profit-taking after recent gains brought some of them to their highest-ever prices.
Illustrative image (Photo: VNA)The benchmark VN Index on the HCM Stock Exchange lost 1.3 percent to finish at 666.69 points, down from a two-day increase of 3.5 percent.
The HNX Index on the Hanoi Stock Exchange closed down 0.8 percent at 86.68 points from a two-day gain of 1.6 percent.
“Large-cap stocks on both local exchanges turned into negative territory as investors sought profits after the markets had two gaining sessions,” Sai Gon-Hanoi Securities Corp wrote in its daily report.
Banks, securities firms, real estate developers, energy companies and steel producers saw the biggest share declines having made significant increases on expectations of record earnings during the second quarter of the year.
The banking sector was led down by Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) and Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG).
VCB fell 2.6 percent from a five-day rally of 15 percent, and CTG dropped 1.6 percent after rising nearly 10 percent in the previous three days.
Sai Gon-Hanoi Securities Corp (SHS), VNDirect Securities Corp (VND), Sai Gon Securities Inc (SSI) and HCM City Securities Corp (HCM) drove the brokerage sector down.
SSI was down 2.1 percent, VND declined by 1.5 percent, SHS dropped 1.6 percent and HCM slumped 3.9 percent.
SSI soared 17 percent during the previous eight sessions, while VND, SHS and HCM respectively pulled back 6.2 percent, 9.4 percent and 2.1 percent in the previous two days.
Vingroup JSC (VIC), Kinh Bắc City Development Holding Corp (KBC), Sai Gon Thuong Tin Real Estate JSC (SCR) and Dream House Investment Corp (DRH) weighed on the real estate sector.
These stocks respectively retreated 2.7 percent, 1.2 percent, 4.5 percent and 2.6 percent from two-day increases of 7.8 percent, 5.6 percent, 5.8 percent and 7.6 percent.
Leading steel producers such as Hoa Phat Group (HPG) and Hoa Sen Group (HSG), and energy firms such as PetroVietnam Gas Corp (GAS) and PetroVietnam Technical Service Corp (PVS) also slid from previous gains.
Investors exchanged nearly 226 million shares on both local bourses worth 4 trillion VND (180.4 million USD), a decrease of 11.4 percent from the previous session’s trading value.-VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
